T. Boone Pickens

Oil tycoon T. Boone Pickens has spoken out against the U.S.'s dependence on foreign oil, advocating that America capitalize on its domestic resources, such as wind and solar power. Pickens released a statement Monday praising President Barack Obama's decision to promote offshore drilling.

"Even if the estimates of the reserves are correct, we are 10 years away from being able to use them. It's imperative that we promote other immediately available domestic alternatives to solve the national security crisis created by foreign oil dependency.

"Transportation has to lead the way-- it accounts for two-thirds of our oil imports. No energy strategy can be effective unless it promotes the use of domestic natural gas as a transportation fuel alternative to foreign oil/diesel, and the focus has to be on America's eight million heavy duty vehicles. The Nat Gas Act, a bipartisan bill proposed in both sides of Congress, would advance the use of natural gas as a transportation fuel."

John Silvia, Wells Fargo

Wells Fargo ( WFC) Chief Economist John Silvia recently published his views on the recently passed health care bill and his outlook for Treasuries.

On health care, he says higher tax rates on investment earnings will eventually lead to lower investment throughout the economy. "The new tax on medical devices and pharmaceutical companies will modestly reduce profitability of these firms and increase their cost of capital. This could lead to less innovation and product development."

On Treasuries, he says the dollar could gain against other currencies when the Federal Reserve boosts rates. "If the Federal Reserve pushes short-term rates higher before other central banks, as we currently expect, it should prove modestly positive for the value of the dollar. Relative interest rates will likely favor dollar-dominated assets for the rest of this year and into 2011."

Warren Buffett

Billionaire investor Warren Buffett looks for long-term return and considers railroads the future. "They don't need the government to build them new highways and airports," he said in an interview with USA Today last month. "They've already invested heavily in their infrastructure and technology, and they plan to invest more to keep up with the growing demand. They're the only mode of freight transportation that can handle growth. What's not to like about that?"

In Buffett's most recent letter to shareholders, http://www.scribd.com/doc/27563128/Berkshire-Hathaway-Annual-Report he explains his and partner Charlie Munger's business tactics at Berkshire Hathaway ( BRK.B). "Just because Charlie and I can clearly see dramatic growth ahead for an industry does not mean we can judge what its profit margins and returns on capital will be as a host of competitors battle for supremacy. At Berkshire, we will stick with businesses whose profit picture for decades to come seems reasonably predictable. Even then, we will make plenty of mistakes."

However, he doesn't want to discourage being aggressive when the market permits.

"Big opportunities come infrequently. When it's raining gold, reach for a bucket, not a thimble."

Bill Miller, Legg Mason

Bill Miller, manager of the Legg Mason Value Trust ( LMVTX), recently revealed his positive outlook for the coming quarter at a press conference in Hong Kong. Now that the health care reform has been approved, Miller expects cheap U.S. health care stocks to perform well in the coming months.

"The political benefits of the health care reform will come first, and the more painful aspects such as higher taxes will come later, so cheaper healthcare stocks will do better in the next few months," he said.

"Given how strong the market has been in the last month, I would not be at all surprised to see the U.S. market pull back in a 3% to 5% range, and I'd be surprised if it's more than that," he said. "But the outlook is quite positive in the U.S." He favors technology and financial companies because of their valuations, and he is looking to "low quality" and "very cheap" technology companies to help the economic recovery process.

Bill Gross, Pimco

Bill Gross, the manager of the biggest bond fund in the world, has advised investors to reduce their expectations. "Instead of 8% to 10% in terms of return for risk assets, you should expect 4 to 6%," he recently told CNBC.

Gross says the 30-year bull market in bonds is fading. In an interview with Bloomberg News, he said "excess borrowing in nations including the U.S., U.K. and Japan will eventually lead to inflation as governments sell record amounts of debt to finance surging deficits."

Gross looked at the recently passed health care reform bill with a critical eye in his most recent market commentary. "The trend promises to get worse, not better. The imminent passage of health care reform represents a continuing litany of entitlement legislation that will add, not subtract, to future deficits and unfunded liabilities."

A new study by researchers at the Federal Reserve Bank of New York suggests that bondholders still don't believe the government would ever let the firms collapse into bankruptcy -- after a decade of efforts by regulators to convince them otherwise. But at least one analyst who tracks big Wall Street firms' bonds says there may be an even bigger problem: Investors, pressured by the need to generate income, simply don't care whether the banks are too big to fail -- one way or the other.